Newfield Exploration Closes On Sale Of Gulf Of Mexico Assets

THE WOODLANDS, Texas, Oct. 5, 2012 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) today announced the closing on its previously announced sale of its assets in the Gulf of Mexico to W&T Offshore, Inc. Including this transaction, total year-to-date proceeds from non-strategic asset sales are approximately $565 million.

The Company's third quarter 2012 production volumes will include its Gulf of Mexico properties. Newfield expects that its third quarter 2012 production volumes will be approximately 75 Bcfe, including the negative impact of about 0.5 Bcfe related to storms in the Gulf of Mexico.

As a result of the sale of its Gulf of Mexico assets, Newfield today removed approximately 4 Bcfe from its 2012 production guidance range (296-304 Bcfe). For the full-year 2012, Newfield now expects that its production will be approximately 298 Bcfe.

Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company relies on a proven growth strategy of growing reserves through an active drilling program and select acquisitions. Newfield's domestic areas of operation include the Mid-Continent, the Rocky Mountains and onshore Texas. The Company has international operations in Malaysia and China.

**This release contains forward-looking statements. All statements, other than historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements. Although the Company believes that these expectations are reasonable, these statements are based upon assumptions and anticipated results that are subject to numerous uncertainties and risks, many of which are beyond the control of the Company, and may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements. See "Risk Factors" in the Company's 2011 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other subsequent public filings with the Securities and Exchange Commission, which can be found at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Unless legally required, the Company undertakes no obligation to publicly update or revise any forward-looking statements.